A bench of Justices R F Nariman and Indu Malhotra took note of the submissions with a word of caution saying the charges and counter-charges by the two firms, seeking to bid for Essar Steel, against each other, would open a "pandora's box".

Arguing before the National Company Law Appellate Tribunal (NCLAT) on behalf of ArcelorMittal, senior advocate Harish Salve submitted that its eligibility should be judged as on the date of submission of the resolution plan for Essar Steel.